Prop firms, also known as proprietary trading firms, provide trading capital, platforms, and tools to aspiring forex traders. In exchange for a profit split, prop firms enable traders to access larger trading sizes and opportunities without needing large capital outlays. South Africa's prop firms cater to local traders who wish to access global forex markets.
This article reviews the 10 best forex prop firms available for South African traders as of 2024.
FTMO - for the best profit splits in the industry
Fidelcrest
The5ers
SurgeTrader
Topstep Forex
The Funded Trader
FTUK
The Trading Pit
Sabiotrade
E8 Funding
1.FTMO - For The Best Profit Splits In The Industry
Overview
Founded in 2019, FTMO (previously called MyForexTeam) has grown rapidly to become a top global prop firm. They now have over 44,000 funded accounts across 195 countries. FTMO stands out for its high funding limits, excellent trader tools/support, and generous profit splits.
Pros
Funding up to $200k provided
Keep 80-90% of profits
Free VPS, trading courses, daily analysis/ideas
Active trader community & mentorship
Cons
Challenge fees are high ($765-$2,645)
Strict trading requirements to pass evaluations
Fees and Profits
To get funded, traders must first pass an evaluation combine. This involves trading a demo account for 30 days with specific risk/profit objectives. If successful, traders then receive a live funded account aligned with the evaluation level passed.
FTMO's profit splits allow traders to keep 80-90% of profits, with just 10-20% going to FTMO. However, the firm's evaluation fees and account fees can be high, ranging from $765 up to $2,645 depending on account size. There are also monthly fees and inactivity fees once funded. So profits need to exceed these costs.
Still, for consistent traders, FTMO offers excellent profit potential from forex and indices trading. Their höch funded accounts provide up to $200k in trading capital with a 90/10 profit split.
2. Fidelcrest Trading
Overview
Fidelcrest is a prop trading firm based in Cyprus offering forex, indices, shares, crypto, and commodity trading. They provide funding up to €100,000 to traders globally through an intense 5-step evaluation.
Pros
High funding amounts available
Keep 80-85% of net profits
Active trader community resources
Cons
Steep fees (challenge, monthly, withdrawal)
Strict trading requirements
Fees and Profits
Fidelcrest requires traders to pass three trading challenges before receiving a funded live account. Challenge and monthly fees range from $390 to $1,900 depending on account size. Funded traders pay €50-€150 each month plus trade slippage/commissions.
In return, traders keep 80-85% of net profits. This can yield significant income if traders manage to consistently exceed Fidelcrest's target 6% monthly returns.
Overall, Fidelcrest offers generous profit splits but has high fees. Disciplined traders can profit but fees need to be exceeded.
3. The5ers
Overview
The5ers prop firm was founded in 2015 and specializes in forex and stock indices trading. They offer an intense 100-day challenge to identify skilled traders for $5,000+ funding allocations.
Pros
Lucrative profit splits (keep 75-80%)
Funding up to $30k provided
Active trader community support
Cons
High challenge and monthly fees
Very strict trading requirements
Fees and Profits
The5ers offer a 100-day demo challenge to assess trader skills. Challenge fees range from $495 to $1,295 based on desired account funding level. If successful, traders pay monthly fees of $99-$299 for funded accounts and must meet tough profit targets.
In return, The5ers split profits 75-80% in the trader's favor - among the highest in the prop industry. There is also an active trader community with video lessons and daily analysis.
So while The5ers has steep upfront costs, skilled traders can earn sizable profits from the generous payouts. Consistently beating the firm's benchmarks is critical.
4. SurgeTrader
Overview
SurgeTrader is a fast-growing US and UK-regulated prop firm serving traders globally. They offer account funding between $25k-$300k+ after traders pass an intense combine evaluation.
Pros
Deep funding pools available
Keep 70-80% profit splits
Excellent trader tools/support
Cons
Steep combine evaluation fees
Strict trading rules and drawdown limits
Fees and Profits
SurgeTrader offers combine challenges ranging from $149-$999 based on desired account funding levels. If successful, traders pay monthly fees of $299+ and must follow detailed trading plans. SurgeTrader's strict rules aim to nurture discipline and consistency.
In return, they offer deep funding pools from $25k up to $300k+ and profitable splits that allow traders to keep 70-80% of profits. There are also great proprietary analytics tools provided.
For skilled traders able to pass SurgeTrader's rigorous combines, the profitable payouts provide excellent income potential. But consistency within the firm's constraints is vital.
5. Topstep Forex
Overview
TopstepTrader (or Topstep) is a Chicago prop firm providing forex and indices traders funded accounts from $50k up to $1 million+. They put trader skills to the test via intense combine evaluations.
Pros
Deep funding pools available
Keep 70-80% profit splits
Sizable payout checks possible
Cons
Very high combine fee costs
Strictly enforced trading rules
Fees and Profits
Topstep runs demo challenge combines costing from $275-$636+ based on desired funding account size. Traders must demonstrate skills over 30-90 day durations. If successful, funded accounts allow traders to keep 70-80% of profits.
However, Topstep enforces strict risk limits and drawdown rules. Losing funded status is easy if benchmarks are missed. Monthly fees also apply to maintain active accounts.
So while payouts can be lucrative for skilled traders consistently beating benchmarks, Topstep’s high combine costs and intense oversight requires discipline. Significant performance streaks are needed to extract profits.
6. The Funded Trader
Overview
The Funded Trader provides forex and indices accounts funded between $5,000 and $100,000 to traders able to pass their rigorous two-stage evaluation process. They focus on nurturing trader discipline.
Pros
Personal mentor assigned
Keep 70-80% profit splits
Active trader community
Cons
Steep combine fee costs
Enforces strict risk limits
Fees and Profits
The Funded Trader has a two-part combine process traders must succeed at for funding eligibility. Combine fees range from $299-$999 based on account level desired. Funded accounts have required monthly fees around $149.
In return, skilled traders can earn attractive 70-80% profit splits. Additional perks include an assigned personal trading coach, proprietary risk management tools, and an active chat community.
However, The Funded Trader has strict risk and drawdown limits. Losing funded status quickly is possible if performance lapses. So traders must maintain disciplined approaches optimized to the firm's constraints.
7. FTUK
Overview
FTUK prop firm specializes in providing forex traders £100k+ in funding capital through a streamlined 100-day evaluation. They aim to accelerate trader profitability faster.
Pros
Deep funding pools available
Keep 75-85% profit splits
Direct FCA regulation
Cons
High fees (challenge, monthly)
Strict risk management rules
Fees and Profits
FTUK offers a 100-day challenge traders can attempt for £4,900. The firm provides proprietary tools/strategies to assist passing their benchmarks. If successful, accounts up to £100k+ in funding capital are provided.
Once funded, FTUK collects 15-25% of net trading profits. Required monthly fees also apply based on specific account levels granted. Additional fees include commissions, swaps, and slippage from taking trades.
So while FTUK's upfront costs and monthly fees are high, skilled traders able to optimize performance for their model can earn strong 75-85% profit splits. Significant gross profitability is required, however.
8. The Trading Pit
Overview
The Trading Pit is a London prop firm providing forex and indices accounts funded between $20k and $200k+ to vetted day traders. Their rigorous 4-week challenge vets skills.
Pros
Lucrative profit splits (Keep 80%)
Deep funding pools available
Direct FCA regulation
Cons
High challenge fee costs
Enforces strict risk rules
Fees and Profits
The Trading Pit offers a rigorous 4-week challenge costing £6,500 to assess trader skills. This intensive combine provides simulated trading capital up to $1 million for evaluation. If passed, accounts up to $200k+ are funded.
In exchange for an 80% profit share kept by traders, The Trading Pit changes monthly membership fees (£250+), commissions, and requites following detailed risk plans. Consistently sticking to the rules is key for long-term success.
So Upfront challenge costs are high and ongoing fees apply. But for disciplined intraday traders able to optimize performance, the lucrative 80% payouts provide strong incentive.
9. Sabiotrade
Overview
Sabiotrade prop firm offers forex traders funding accounts up to $200k to those able to pass their rigorous trading combines. Their specialized Risk Manager tools foster optimal trader performance.
Pros
Excellent proprietary analytics
Keep 75%+ profit splits
Deep funding pools
Cons
High challenge fee costs
Strictly enforced risk limits
Fees and Profits
Sabiotrade offers 30-day funded challenges costing $1,497 to $4,297 based on desired account funding levels. Successfully funded accounts keep 75%+ profit splits after required fees.
The firm charges commissions on trades, monthly data fees, as well as profit splits. Consistently maintaining strong risk-adjusted returns is vital to retaining fully funded statuses.
However, Sabiotrade foster optimal trader performance through proprietary analytics tools and highly specialized risk management systems. For skilled traders able to adapt strategies effectively, sizable profits are attainable.
10. E8 Funding
Overview
E8 Funding is a UK prop firm offering forex and global indices traders access up to £250k in backing capital to qualified traders able to pass their intense evaluation process.
Pros
Lucrative profit splits
Excellent proprietary analytics
Tight spreads/expert liquidity solutions
Cons
High evaluation fee costs
Enforces strict risk limits
Fees and Profits
E8 Funding puts traders through a demanding 14-day intensive evaluation charging £6,500. Successfully funded accounts keeping 75% of audited net profits.
Required fees include monthly membership (£249+), commissions, financing charges, spreads, and profit splits. Consistently maintaining profitability month-to-month is critical to retaining full backing.
However, E8 Funding also provides traders robust tools/analytics for assessing opportunities while ensuring optimal risk management enforcement needed to truly unlock performance.
So for skilled traders able to adapt strategies effectively, E8 Funding provides deep backing pools supporting strong profit retention.
Conclusion
South Africa's top forex prop firms provide an avenue for skilled traders to access significant backing capital, robust trading infrastructure, and lucrative profit splits otherwise out of reach. By passing rigorous evaluation processes, consistent performers can earn life-changing incomes.
However, prop firm trading also requires strict adherence to rules, risk limits, and ongoing fees that constrain total profitability. Finding alignment with a model catered to your strengths and optimizing performance for their systems is key. But the backing, infrastructure, and profit splits will significantly boost profit potential.
